Page 14 - Lifestyles in Palm Beach Gardens - July '19

Page 14, Lifestyles in Palm Beach Gardens
What You Should Know About Managing

Aging Parents’ Finances

By John A. Rojas, CFP ® Create a contact list. If your parents experience a sudden (HR) department to learn what your company’s policies are for
Making financial decisions takes time, attention and energy at change in health that affects their ability to manage their own supporting employees who are caring for a parent and how to
any age. In the case of elderly adults, it can become increasingly affairs, it’s important to have a game plan for what happens next. initiate a claim if you need to. Many employers have access
difficult to manage daily finances, particularly if their health is If you anticipate stepping in to pay bills, make insurance claims to resources and support groups to help you manage your
declining or they’re experiencing a cognitive issue. If you’re and handle other financial tasks, start by asking your parents for responsibilities at home and at work.
providing support to aging parents – or plan to in the future – a list of contact information for the professionals they work with Maintain momentum on your own financial goals. It’s
here is some advice on how to handle the situation and prepare and where their accounts are held. Keep in mind that you may understandable to want to provide your parents with as much
for what’s to come. need to be an authorized user or power of attorney to be allowed support as you can. It’s prudent to look at your finances to see
Don’t wait to start talking about finances. While it may access to certain accounts. Consult a lawyer to talk through what how much support you could provide (if it’s needed) without
be uncomfortable to ask your parents to discuss their finances permission may be necessary for you to step in if the need arises. jeopardizing your own retirement and future health care needs.
with you, it’s essential that you are familiar with their intentions Build a support network. Talk with siblings or other trusted It’s hard to imagine – let alone talk about – what caring for
for care and what plans they have in place. The first time you family members about what a possible care plan could look like an ill or aging parent may look like. For additional support in
broach the subject, emphasize that you are looking for only a for your parents. While this conversation can be tough to initiate, having family conversations, evaluating financial options and
high-level overview so that you can have more peace of mind know that it’s often easier to bring everyone together while your creating a plan for your parents, contact your financial advisor
that your parents will be well cared for. This initial conversation parents are still healthy and in good mental capacity. Discuss who and lawyer. These experts work day in and day out with families
can then help set the groundwork for future discussions. can realistically provide support – and in what way and at what in similar situations and can help you take the steps necessary to
cost. Proactively deciding who can drive your parents to doctor feel more confident about your own plan.
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appointments, manage financial affairs, care for their home, Division, Family and Medical Leave Act http://www.dol.gov/
– United States Department of Labor, Wage and Hour
and handle other tasks can help avoid a strain on your time and
GET A Taste OF energy down the road. whd/fmla/
John A. Rojas, CFP is a Private Wealth Advisor with
Anticipate future lifestyle changes and challenges. Even if
Ameriprise Financial Services Inc. a private wealth advisory
they aren’t yet needed, explore the options and costs of various
THE Good Life! assisted living and memory care services. And, check your practice of Ameriprise Financial Services Inc. in Palm Beach
Gardens, Fla. He specializes in fee-based financial planning
parents’ insurance policies to see if and how services might be
covered. You may also want to decide whether their home or
21 years. To contact him, please call: (561) 383-3643, 11300
yours could be modified to provide additional space or comforts, and asset management strategies and has been in practice for
such as wheelchair access. Knowing what choices exist and U.S. Highway 1, Suite 600, Palm Beach Gardens, FL 33408,
how your parents feel about each one can help you make future john.rojas@ampf.com.
decisions with more confidence. Investment advisory products and services are made available
Know your rights at work. The Federal Family and Medical through Ameriprise Financial Services, Inc., a registered
Leave Act of 1993 (FMLA) allows covered employees up to investment adviser. Ameriprise Financial Services Inc., member
©
12 weeks of unpaid leave to provide care for a family member FINRA and SIPC , 2019 Ameriprise Financial Inc., all rights
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with a serious health condition. Consult your Human Resources reserved, file No. 2562003 (Approved until 06/30/2020.)
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